Textile industry witnesses dramatic turnaround

06 Sep '08

4 min read

The next major bloc is predictably Asia with a share of 21.9 percent though imports fell by a massive 17.4 percent to reach €398.92 million in the first three months of 2008 in contrast to €482.75 million in the comparable period of 2007.

Along expected lines, China turned out to be topper from among the exporting countries from Asia and at number four in the midst of all countries exporting textiles and garments to Belgium.

But as a matter of fact, shipments from China have plunged by a flabbergasting 20.1 percent and have dipped from a high of €218.78 million in the first quarter of 2007 to €174.88 in the corresponding quarter of 2008.

The main point to be noted is that whether it is exports or imports, a majority of the trade has been done with its European neighbours. The main reason could be the free trade barriers among the members of the European Union.

On one hand high volume and cost competitive textile and clothing goods from Asia is swamping the globe, still Belgium is not dependent on the continent for its requirements. The other main point of note is the high level of exports maintained by the country, despite its considerably soaring production costs.

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Fibre2fashion News Desk - India

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